Via receives deficiency letter from Nasdaq

SAN FRANCISCO (AP) — Biotechnology company Via Pharmaceuticals Inc. said Friday it received a deficiency letter from the Nasdaq Stock Market.

The company received the anticipated letter because it is not in compliance with the minimum $1 per share bid price requirement. The stock rose 2 cents, or 5.3 percent, to reach 40 cents in afternoon trading. Shares have traded between 8 cents and $1.60 over the past 52 weeks.

The company has a period of 180 calendar days, or until March 15, 2010, to regain compliance with the minimum bid price listing requirement. If at any time during this grace period the bid price of the company's stock closes at $1 per share or more for a minimum of 10 consecutive business days, the company will receive written notification of its compliance.